GCC stresses energy security, resilient supply chains

The GCC, or the Gulf Cooperation Council, has emphasized the critical importance of energy security and resilient supply chains as the region navigates a changing global energy landscape. This was highlighted by GCC Secretary-General Jasem Mohamed Albudaiwi during the 31st meeting of the GCC Electricity and Water Cooperation Committee held in Manama.

Albudaiwi stressed that energy security hinges on maintaining a reliable supply, diversifying export outlets, and bolstering the resilience of supply chains to withstand disruptions. He pointed out that GCC countries have vast energy reserves, with crude oil reserves exceeding 518 billion barrels and natural gas reserves of over 44 trillion cubic metres. The region produces more than 16 million barrels of crude oil daily and generated 461 billion cubic metres of marketed natural gas.

The GCC's significant position in global energy markets was underscored by these figures, which highlight the necessity of preserving the region's ability to ensure stable and reliable energy supplies. Albudaiwi also highlighted the need for greater regional coordination to protect energy supplies and enhance the resilience of supply chains, especially as major transit routes face potential disruptions.

He further called for coordinated GCC efforts to safeguard the competitiveness of the region's energy sector amid the shift towards a more diversified and sustainable energy system. Albudaiwi emphasized the importance of unified GCC stances in dealing with cross-border international regulations that could impact the competitiveness of Gulf energy products and industries, urging increased coordination to safeguard member states' interests and maintain their status in global markets.

The GCC Secretary-General underscored that energy policies in the region should consider both the demands of the energy transition and the necessity of preserving supply security, economic competitiveness, and the reliability of energy infrastructure. The GCC Electricity and Water Cooperation Committee meeting offered a platform to discuss recent developments in the electricity and water sectors and explore ways to enhance cooperation among member states in areas related to energy security, infrastructure, and regional resilience.